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Part 1. Journal Entries Prepare the appropriate journal entries. Include explanations and dates. (4 points each unless stated otherwise). 1. Your company purchased seven months' worth of office supplies on January 1 for $35,000. Terms: 2/10n30. 2. Assume the facts in problem 1 . On March 31 , an inventory of supplies was taken, and $22,000 worth of supplies was remaining in office supplies inventory. 3. On April 19, an architect was given $2,900 to draft house plans. The plans will be drawn up some time in July. Prepare the appropriate journal entry for April. 4. Megan Rubber and Tire Company sells passenger car tires and uses a perpetual inventory system. On August 31 , it purchased $45,000 worth of tires (from Louisiana Tire Sales) and the terms were 2/10n30. Prepare the appropriate journal to record the purchase of these tires for Megan Rubber and Tire Company. 5. Assume the facts in problem 4. Megan paid the invoice on September 2. Prepare the appropriate journal entry for Megan. 6. Your company issued bonds several years ago (borrowed money) and interest payments of $2,400 are paid twice a year on July 1, and January 1. Prepare the appropriate journal (adjusting journal entry) entry for the month of March 2019 to recognize one month of interest expense. 7. A one-year insurance policy was purchased on January 1 , 2016 for $24,000. Cash was paid when the policy was purchased

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